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  "documentTitle": "Pershing Square Portfolio (multiple positions)",
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  "authorName": "Pershing Square",
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  "presentationDate": "2015-04-28 00:00:00",
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  "notes": "Slide 21 of an activist deck, likely Pershing Square's campaign on CP.",
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      "text": "CP reached its four-year targets, including a 65% Operating Ratio, in just two years given the rapid pace of the company's operational transformation",
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      "text": "Board and management-led initiatives on capital allocation are creating shareholder value. Prudent target leverage of 2x EBITDA. Repurchased $2bn of stock.",
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      "text": "In May, Hunter Harrison's contract was extended one year through 2017",
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      "text": "2014 results highlight continued rapid pace of transformation under Hunter Harrison and the reconstituted CP Board. Annual earnings per share growth of 32%. Operating Ratio of 64.7%.",
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